Colombia and Spain are set to finally begin talks into the future of the San José galleon, discovered last November off the coast of Cartagena de Indias.

Since 1708, this “submarine tomb” has housed an estimated $17 billion treasure hoard, with gold, silver and even emeralds believed to have been part of the onboard booty.

Spanish Foreign Minister José Manuel García-Margallo and his Colombian counterpart Ángela Holguín have announced that they will meet in Madrid during the next Iberoamerican summit. The two countries will attempt to update bilateral relations, and discuss the galleon’s future, dailyEl Tiempo reports.

García-Margallo has admitted that there have been differences expressed by Spain, who claim that the sunken galleon is a state vessel and warrants UN protection, according to Minuto 30.

Colombia on the other hand, has not signed into any international conventions.

The galleon was built at the end of the 15th century in the Spanish town of San Sebastián. It was sunk during a battle with English pirates off the Colombian coast.